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Many Australians are still in the dark when it comes to super, despite the accessibility of financial advice.
According to a recent survey by Suncorp Wealth Management, almost half of those surveyed believe super is too complicated and two in five revealed that they didn’t feel that their super was in fact their own money.
During the study more than 1800 Australians were quizzed about their thoughts. Some of the survey’s other key findings included:
- 45% feel super is out of their control.
- 28% don’t feel they have a good understanding of super.
- 37% haven’t thought about how they will fund their retirement.
- 33% say they won’t have enough to retire on but don’t know what to do about it.
- 23% don’t know the balance of their super.
The survey also that found only one in two thought seeking a financial planner was important to better understand super.
Two fifths of those surveyed had been thinking about seeking advice, but have yet to take action. Another 16% want to speak to a financial planner but don’t know where to start.
- About one in 10 had not realised that the performance of the sharemarket could affect their super;
- 16% didn’t know if the global financial crisis had affected their super; and
- 28% didn’t know they had a choice of options in their super fund, with
- 23% not knowing they could invest in many different ways.
The survey highlights the significant potential for our Clients to take the lead in providing the advice members really need.
(Statistics source - The Australian 1/7/09)
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